acoc is expanding beyond philanthropic to look at foundations. they have secured gifts from the san francisco foundation, along with a couple others. the steven bechtel is another. they are opening to local corporations, which may not be candidates for sort of the global sponsorship level of america's cup corporate partnership but would like to be good civic partners and a potential for us to engage and hopefully find additional financial support. based on the philanthropic piece, the most developed, the acoc is projecting -- it has $10 million outstanding, projecting another $5 million with target in 5 million new gifts, conservatively 3 million would be a good outcome, dove tailing with the costs for the first half of this year. they are looking at year end of giving to be key. obviously that is the time when they do a lot of giving. hopefully the dove tail, followed by good followup will result in realization of more funds over the course of the next three months that. is my prepared remarks but i'm happy to answer questions about any of that.

acoc is expanding beyond philanthropic to look at foundations. they have secured gifts from the san francisco foundation, along with a couple others. the steven bechtel is another. they are opening to local corporations, which may not be candidates for sort of the global sponsorship level of america's cup corporate partnership but would like to be good civic partners and a potential for us to engage and hopefully find additional financial support. based on the philanthropic piece, the most developed, the acoc is projecting -- it

talk about structure of the new security proposal and talk about where acoc is in their fundraising. just to start with the time line, in december of 2010 the city was selected as the host city and executed the host and venue agreement. the key provision in the agreement that sort of gave rise to the conversation we are having is requirement that acoc procure a security instrument in amount of $32 million to secure the city's performance of its obligations under the agreement, as well as acocs. as we reported to you in march when we cam forward for the approval of the america's cup items, we had looked closely at this $32 instrument requirement and saw the city's obligations and the acoc's obligation were so widespread from delivery of construction projects to fundraising and corporate sponsorships to actually delivering city services during the events that we were going to need to satisfy this requirement through a mix of instruments. two of the instruments we reported out were a cash collateral escrow fund to pay for services that wouldn't necessarily be insurable on the public mar

revised da, the one thing it does is transfers responsibility for obtaining the security from the acoc to the city. he spelled out the exposure of the city there would be in terms of cash 2.4 million dollars that would need to be put into the cash collateral or escrow immediately that may or may not be used. also another $1 million the city would have to come up with in terms of paying the premium on the $5 million insurance policy that the organizing committee will obtain. these are in the budget, are general fund moneys and reimbursable by america's cup organizing committee. if the cash collateral were to be drawn down in case the city couldn't meet its obligations or if there were additional funds, the additional 2.4 million during the event, those moneys are supposed to be reimbursable by the america's cup organizing committee. but as we said in our earlier report in march the availability of those funds is not certain. there was a discussion of fundraising. it is short of the $32 million that was originally considered. the city's been paid in full through june. we don't know about